BPCL shares surged over 7 percent followed by Reliance Industries, Indian Oil Corporation and Hindustan Petroleum Corporation which added over 2 percent each.
The Indian stock market is trading on a handsome note on hopes for a COVID-19 vaccine and strong earnings momentum. Sensex is up 389.76 points or 1.04 percent at 37808.75, and the Nifty jumped 108.60 points or 0.99 percent at 11130.80.
Among the sectors, the oil & gas space jumped over 2 percent led by BPCL which surged over 7 percent. It was also the top index gainer. The stock jumped over 25 percent in the last 5 days on reports that global oil giants are showing interest in the state-owned oil marketing company.
The other gainers included Reliance Industries, Indian Oil Corporation and Hindustan Petroleum Corporation which added over 2 percent each.\
Global oil prices were little changed as investors gauged hopes for a recovery in oil demand against fears of new lockdowns due to a growing number of coronavirus cases.
Brent futures were up 15 cents, or 0.4 percent, at USD 43.43 by 01:17 GMT.
Shares of Reliance Industries have jumped over 59 percent after the company in its 43rd AGM decided to expand JioMart. Reliance Industries' 43rd Annual General Meeting (AGM) came up with some of the announcements that may change business dynamics as Reliance became the first Indian company with the market capitalisation of USD 150 billion.
Shares of ONGC was up over 2 percent. It was trading at Rs 82.25, up Rs 1.95, or 2.43 percent. The stock touched an intraday high of Rs 82.60 and an intraday low of Rs 80.30.
The most active stocks on NSE in terms of volumes included BPCL where 2,82,21,374 shares were traded followed by Indian Oil Corporation where 2,51,70,517 shares were traded at 11:34 hours.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.